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Retirement

admwil said:
Somewhere in the government gateway you can see what you have missed year on year and how much you need to pay to top up, and by when to get back on track

I find it hard to find every time, I am sure they make that portal a ball ache on purpose. Paying it is a mission in itself
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yeah, i can see the years i'm missing and the phone number to talk about how to pay. i'll call them tomorrow and see if I can sort it out. thanks
 

elder said:
yeah, it's working now but it only tells me what I'd get if I continue paying NI every year up until I retire. I don't work/live in the UK so don't pay NI at all. I want to know what my bare minimum (starting amount) is if I do absolutely nothing. then i can work out if i do pay more or just leave it be.
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Totally agree this is what we need to know. If we want to retire at 60 need to know we'd have paid enough to get full pension at 67.
 
natinnam said:
I'm overseas so not paying UK taxes/NI, i'll just get an annual request to pay the years volantary contributions, so, way I see it, I just get the 35 years min in and stop paying. That actually raises a point, if I do move back UK, then I'll be paying in for no added value, but that's same as everyone in the UK then, as most will hit the limit in their 50's, but continue working anyway.
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Yeah, I'll have the maximum amount when I'm 48. I have to keep paying, but I'll get the full pension.
 
elder said:
yeah, it wasn't working yesterday when i tried to check



just going off what's published here:
You must be logged on to see external links

Your State Pension will be calculated entirely under the new State Pension rules.

The full amount of the new State Pension is £221.20 per week for 2024/25.

Each qualifying year gives 1/35th of the full amount, so if you have made or been credited with less than 35 years of qualifying contributions, you’ll receive a lower amount.

For example:
  • 35 years gives 35/35 x £221.20 = £221.20 a week
  • 30 years gives 30/35 x £221.20 = £189.60 a week
  • 10 years gives 10/35 x £221.20 = £63.20 a week.

happy for anyone to provide and clarification (for me as well)
UPDATE:

The pension forecast site is up today and I do get a different forecast compared to that formula BUT that's also VERY different to a forecast I was given over the phone last year by someone from the Pensions team (online more than double what was said over the phone).🤦‍♂️

how can anyone plan if it's so all over the place, particularly the difference between advice from pensions over the phone v online ?
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With that in mind once you have paid 35 years worth are you not better off then opting out and putting that in a private pension?
 
Shieldsman said:
Our group are counting down the days to retirement, some nearer than others.
Had a discussion in the pub last night about how much you need to live a ‘very comfortable’ lifestyle when retired. Nice international holiday, couple of smaller jollies, restaurant once a week etc, no mortgage to pay, kids self-sufficient.
Figures ranged from £20k-£30k or £45k+ if in a couple.

What do you reckon and any lads/lasses out there living the dream already who are in the know?
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Had a conference call today with our pensions expert at work and they reckon 40k p/a is “moderate” living when reaching retirement age of 68.
 
The Fullwell Step said:
£3.5k per month, when you probably don't have a mortgage by that age is way beyond moderate I would have thought.
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I think said before, I'm sure these advisers give over inflated amounts as what's needed to retire, perhaps it gets people to increase their private contributions and puts them off jacking in early to extend those contributions. My parents kinda fell into this, worked on longer than they perhaps should have, also, whacking away money, they still did what they wanted in later life, few holibobs, weekends away in the caravan, but when they were heading late 60's, always told me how little they needed to live comfortable to their lifestyle. My Dad died, my Mum is 76 now with a semidetached paid for, 90k in the bank from private pension and drawing state max pension, and she has change left at the end of the month. If anything, this thread gives an insight to other people's retirement and other plans, no horror stories, cut cloth to suit, but the main message, get off the merry go around sooner rather than later and enjoy life.
 
natinnam said:
Yeah, I want some time out at 55yo, with a view to make permanent lifestyle, however, I'm an Engineering Consultant, so I could probably re-enter the jobs market if/when it suits.
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That’s exactly what I did mate thought I’d packed in at 55 did a year or so out to unwind then a year or so as a T W @ T now back on the hamster wheel full time and all I can think of is I just want this contract to end, should be next year thinking 60 and out this time, if it happens sooner then so be it, I’m in same game as you so you can dip back in and out if you want to.
Definitely taking the time out at 55 was the best thing I did gave me a reset …………………..feels a long time ago now that i’m back in it mind hahahah
The Fullwell Step said:
£3.5k per month, when you probably don't have a mortgage by that age is way beyond moderate I would have thought.
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Depends if it’s a single person or for a couple, and whether you are talking gross or nett amounts.
Cos love it or hate it the tax man still wants his share of ya pension pot.
By my fag packet calc 40k is only circa £2.9k a month. Which is still decent don’t get me wrong.
 
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natinnam said:
I think said before, I'm sure these advisers give over inflated amounts as what's needed to retire, perhaps it gets people to increase their private contributions and puts them off jacking in early to extend those contributions. My parents kinda fell into this, worked on longer than they perhaps should have, also, whacking away money, they still did what they wanted in later life, few holibobs, weekends away in the caravan, but when they were heading late 60's, always told me how little they needed to live comfortable to their lifestyle. My Dad died, my Mum is 76 now with a semidetached paid for, 90k in the bank from private pension and drawing state max pension, and she has change left at the end of the month. If anything, this thread gives an insight to other people's retirement and other plans, no horror stories, cut cloth to suit, but the main message, get off the merry go around sooner rather than later and enjoy life.
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Agree with this, mind.

My parents got by on about £25K for years - no mortgage, one or two cheap holidays per year, ran a small car.

My Dad died six years ago so my Mam now gets by on her partial State Pension, a partial CS pension and a small amount of my Dad's private pension (which wasn't a lot to start with). She lives in the same mortgage-free house but rarely goes away these days - not much fun on your own - and still runs the same car, now nearly fifteen-years old.

In saying that, she doesn't qualify for the winter fuel allowance anymore, so she must be absolutely minted.
 
Jap Stammer said:
Agree with this, mind.

My parents got by on about £25K for years - no mortgage, one or two cheap holidays per year, ran a small car.

My Dad died six years ago so my Mam now gets by on her partial State Pension, a partial CS pension and a small amount of my Dad's private pension (which wasn't a lot to start with). She lives in the same mortgage-free house but rarely goes away these days - not much fun on your own - and still runs the same car, now nearly fifteen-years old.

In saying that, she doesn't qualify for the winter fuel allowance anymore, so she must be absolutely minted.
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That sounds more like the reality for most people.
 
BILLY BUS PASS said:
That’s exactly what I did mate thought I’d packed in at 55 did a year or so out to unwind then a year or so as a T W @ T now back on the hamster wheel full time and all I can think of is I just want this contract to end, should be next year thinking 60 and out this time, if it happens sooner then so be it, I’m in same game as you so you can dip back in and out if you want to.
Definitely taking the time out at 55 was the best thing I did gave me a reset …………………..feels a long time ago now that i’m back in it mind hahahah

Depends if it’s a single person or for a couple, and whether you are talking gross or nett amounts.
Cos love it or hate it the tax man still wants his share of ya pension pot.
By my fag packet calc 40k is only circa £2.9k a month. Which is still decent don’t get me wrong.
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Yeah you are right mate, but £2.9k a month is lovely with no mortgage.
Say £500pm bills (no mortgage?)
£500 food
£400 petrol

Leaves £1500 pm "fun money". Even if you squirrel away £500 pm for holidays for £6k per year holidays if you want, still gives £250 pw for "fun". I'd cope more than moderately on that.
 
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